This looks like its broken out of the trading range.Recently it also broke out of the long term trend line. This could go towards 400 area if it finishes below 437. The rsi is in the oversold area so risk of a bounce.

Support wise we have hit a clear long term oblique channel. The only issue I have with this is a narrow channel as well as the horizontal resistances above. but to me it looks like a solid Support with varying targets above. Maybe naive to say this, but technically speaking, I just don't see this breaking that oblique support - but I guess in this game, anything can happen.

The below chart is a closer look at the daily and what seems like the potential reversal point.

To me this looks like a possible 1,2,3 formation, but its not as clean a break as I would like, so a look closer into more recent price action via the 1H chart shows me this:

Is this a channel rather than a 1,2,3 breakout? Recent action seems to be showing some resistance at the parallel oblique resistance line. The 15M chart is showing potential double top with bearish diverging RSI.

In the case of scenario 2, I would look to go long also with a stop below the recent low.
In scenario 1, a clean break of 463 (Previous R/S level as well as oblique resistance) indicates a potential move to 484 imo.

Contact

Use of our site is for information purposes only and in no way constitutes investment advice. We are not regulated by the FSA in the provision of services on this site. Any opinions expressed on this site are purely the opinions of those expressing the same and do not reflect the opinions or constitute investment advice by ChartsView or their associates, affiliates or employees. The material displayed on our site is provided without any guarantees, conditions or warranties as to its accuracy